Information Technology

SAP SE (SAP) options and signal

Figures as of 28 Sep 2026

SAP is SAP SE, an Information Technology name the model ranks every trading day. The options figures are from the close on 28 Sep 2026. The model's figures are from 25 Sep 2026, one trading day behind the latest, as the Free plan shows them. Every model figure is paper trading.

Membership gets tonight's signals the night they publish. Free gets every options screen, never delayed, and the signals one trading day behind.

Start free See the plans

At a glance

Figure	Value	Date
IV rank	100 of 100	28 Sep
At the money IV	55.0%	28 Sep
Priced move to 30 Oct	16.1% down, 16.3% up	28 Sep
Call wall and put wall	220 and 210	28 Sep
Signal and the desk's view	No signal, view bearish	25 Sep
Last close	209.31	28 Sep
Next report	21 Oct 2026	28 Sep

Options Snapshot

SAP's IV rank is 100 of 100 on 28 Sep 2026.

Figure	Value
IV rank	100 of 100
At the money IV	55.0%, near month, 32 days
Put/call ratio, open interest	1.28
Call open interest, strikes captured near the price	21,800 contracts
Put open interest, strikes captured near the price	28,000 contracts
Cost to trade at the money	Fair, 14.9% of the option's mid price

IV rank is where the at the money IV sits among SAP's own weekly readings, 0 the lowest and 100 the highest.

From the option chain at the close on 28 Sep 2026. Current on every plan.

Open Options Snapshot in RingMaster The Options Snapshot guide

Priced Range

On 28 Sep 2026, SAP options priced a move of 16.1 percent down and 16.3 percent up by 30 Oct 2026.

Expiry	Days	Down	Up	Range
2 Oct 2026	4	4.5%	4.8%	199.81 to 219.41
9 Oct 2026	11	9.5%	6.9%	189.41 to 223.81
23 Oct 2026	25	13.5%	15.1%	181.01 to 240.91
30 Oct 2026	32	16.1%	16.3%	175.61 to 243.51
20 Nov 2026	53	16.2%	16.8%	175.41 to 244.51
18 Dec 2026	81	18.8%	20.0%	170.01 to 251.21
19 Mar 2027	172	26.4%	31.2%	154.11 to 274.71

The range is one standard deviation either side of the close of 209.31, as the option prices imply it.

A priced move restates option prices at the close and says nothing certain about where the price goes.

From the option chain at the close on 28 Sep 2026. Current on every plan.

Open Priced Range in RingMaster The Priced Range guide

Gamma Map

On 28 Sep 2026, SAP's call wall is the 220 strike and its put wall is the 210 strike.

Figure	Value
Call wall, most open call gamma	220
Put wall, most open put gamma	210
Net dollar gamma, calls minus puts	minus $926,444
Total dollar gamma, both sides	$17.69 million
Close	209.31

Dollar gamma is stated for a one percent move in the price.

Net is calls minus puts under the standard convention, not a record of who holds the contracts.

Net gamma changes sign at 3 strikes, so no single flip strike is named.

From the option chain at the close on 28 Sep 2026. Current on every plan.

Open Gamma Map in RingMaster The Gamma Map guide

Volatility History

On 28 Sep 2026, SAP's at the money IV is 55.0 percent against 20 day realized volatility of 31.7 percent.

Figure	Value
At the money IV	55.0%
Realized volatility, 20 trading days	31.7%
Realized volatility, 60 trading days	40.6%
IV against its own weekly record	High, in the top fifth
Weekly readings on record	849, from 8 Jan 2010
Weeks the price moved more than the one week priced move	29.7% of 236 weeks

Realized volatility is worked out from the daily closes the desk holds, not from the option chain.

From the option chain at the close on 28 Sep 2026. Current on every plan.

Open Volatility History in RingMaster The Volatility History guide

Volatility Weather

On 28 Sep 2026, SAP's at the money IV runs from 42.0 percent at 4 days to 42.5 percent at 172 days.

Days to expiry	At the money IV
4	42.0%
11	40.9%
18	39.1%
25	51.8%
39	53.1%
53	43.2%
81	41.7%
172	42.5%

Near and far expiries price about the same volatility, a flat term structure.

From the option chain at the close on 28 Sep 2026. Current on every plan.

Open Volatility Weather in RingMaster The Volatility Weather guide

Volatility Smile

On 28 Sep 2026, at the 32 day expiry, SAP's IV ten percent below the price sits 1.1 points above at the money IV.

Strike area	Implied volatility	Against at the money
10% below the price	56.1%	+1.1 points
At the money	55.0%	0.0 points
10% above the price	54.9%	-0.0 points

From the option chain at the close on 28 Sep 2026. Current on every plan.

Open Volatility Smile in RingMaster The Volatility Smile guide

Volatility Surface

On 28 Sep 2026, SAP's surface spans 10 expiries out to 172 days, with IV from 38.6 to 58.9 percent near the price.

Figure	Value
Expiries captured	10
Nearest expiry	2 Oct 2026, 4 days
Farthest expiry	19 Mar 2027, 172 days
Points within 10% of the price, 7 days out or more	73
Lowest IV among them	38.6%
Highest IV among them	58.9%

From the option chain at the close on 28 Sep 2026. Current on every plan.

Open Volatility Surface in RingMaster The Volatility Surface guide

Expiry Ladder

On 28 Sep 2026, SAP has 10 captured expiries, from 2 Oct 2026 to 19 Mar 2027.

Expiry	Days	At the money IV	Call open interest	Put open interest
2 Oct 2026	4	42.0%	803	295
9 Oct 2026	11	40.9%	67	39
16 Oct 2026	18	39.1%	3,041	4,492
23 Oct 2026	25	51.8%	265	151
30 Oct 2026	32	55.0%	79	19
6 Nov 2026	39	53.1%	7	7
20 Nov 2026	53	43.2%	1,266	1,088
18 Dec 2026	81	41.7%	6,899	6,718
15 Jan 2027	109	39.7%	7,353	13,162
19 Mar 2027	172	42.5%	2,060	2,023

Open interest is summed over the strikes captured near the price on each expiry.

From the option chain at the close on 28 Sep 2026. Current on every plan.

Open Expiry Ladder in RingMaster The Expiry Ladder guide

Strike Table

On 28 Sep 2026, SAP's largest open interest sits at the 210 strike, with 4,401 contracts across the captured expiries.

Strike	Call open interest	Put open interest	Total
210	1,799	2,602	4,401
170	500	3,651	4,151
200	1,991	1,842	3,833
220	2,428	1,367	3,795
230	2,244	1,112	3,356
240	2,485	394	2,879

From the option chain at the close on 28 Sep 2026. Current on every plan.

Open Strike Table in RingMaster The Strike Table guide

Since Yesterday

From 25 Sep 2026 to 28 Sep 2026, SAP's at the money IV moved from 51.9 percent to 55.0 percent.

Figure	25 Sep	28 Sep	Change
At the money IV	51.9%	55.0%	+3.1 points
Open interest, strikes captured near the price	49,035	49,834	+799
Put/call ratio, open interest	1.29	1.28	-0.01

Open interest changes cannot identify buyers or sellers.

From the option chain at the close on 28 Sep 2026. Current on every plan.

Open Since Yesterday in RingMaster The Since Yesterday guide

Changed Hands

On 28 Sep 2026, 3,957 SAP option contracts traded, 0.7 times its own recent average.

Figure	Value
Calls traded	1,698
Puts traded	2,259
Against its recent average	0.7 times
Busier than	4 of its last 20 trading days
Open interest, whole chain	53,556 contracts
Volume to open interest	0.07
Unusual volume flag	No

Traded volume and open interest are shown side by side and never combined. Open interest changes cannot identify buyers or sellers.

From the option chain at the close on 28 Sep 2026. Current on every plan.

Open Changed Hands in RingMaster The Changed Hands guide

Positioning Replay

The replay holds 33 trading days of SAP's option positioning, from 11 Aug 2026 to 28 Sep 2026.

Date	Close	Net dollar gamma	Top call strike	Top put strike
11 Aug 2026	209.68	$15.85 million	200	170
21 Sep 2026	209.22	minus $898,930	220	210
28 Sep 2026	209.31	minus $926,444	220	210

Each frame restates one nightly capture. Net is calls minus puts, a convention, not who holds the contracts.

From the option chain at the close on 28 Sep 2026. Current on every plan.

Open Positioning Replay in RingMaster The Positioning Replay guide

Read-out

On 25 Sep 2026 the desk's view of SAP was bearish, paper trading.

Figure	Value
Side	Bearish at 45 trading days, no signal
Level above the close	209.38, the swing high of 2 Sep 2026, a close past it runs against the view
Level below the close	203.74, the swing low of 10 Sep 2026
The chart	Sits against the view
Strategy family	Bear call spread (sell a call spread above the price)
Price target	None. The desk has no price model.

The levels are prices the shares turned at on the chart, with the date of each.

Paper trading. The model's figures from 25 Sep 2026, one trading day behind, as the Free plan shows them.

Open Read-out in RingMaster The Read-out guide

Rank by Timeframe

On 25 Sep 2026 SAP sat at the 11th percentile of the model's 45 trading day ranking, paper trading.

Timeframe	Percentile	Side
10 trading days	45 of 100	Neutral
20 trading days	36 of 100	Neutral
45 trading days	11 of 100	Bearish

100 is the top of the ranking. A name in the middle three fifths is neutral.

Paper trading. The model's figures from 25 Sep 2026, one trading day behind, as the Free plan shows them.

Open Rank by Timeframe in RingMaster The Rank by Timeframe guide

Timeframe Agreement

On 25 Sep 2026, 1 of 3 timeframes put SAP on the bearish side, paper trading.

Group	Timeframes	Side	On that side
Near	10 day, 20 day	Neutral	0 of 2
Long	45 day	Bearish	1 of 1

Paper trading. The model's figures from 25 Sep 2026, one trading day behind, as the Free plan shows them.

Open Timeframe Agreement in RingMaster The Timeframe Agreement guide

Signal History

On 25 Sep 2026 SAP had carried no signal for at least 18 trading days, paper trading.

Trading day	Signal	45 day percentile
25 Sep 2026	None	11 of 100
24 Sep 2026	None	7 of 100
23 Sep 2026	None	7 of 100
22 Sep 2026	None	8 of 100
21 Sep 2026	None	7 of 100
18 Sep 2026	None	13 of 100
17 Sep 2026	None	14 of 100
16 Sep 2026	None	16 of 100

Paper trading. The model's figures from 25 Sep 2026, one trading day behind, as the Free plan shows them.

Open Signal History in RingMaster The Signal History guide

Sector Split

On 25 Sep 2026, 80 of 187 Information Technology names were bullish and 61 were bearish, paper trading.

Sector	Names	Bullish	Bearish	Neutral
Information Technology	187	80	61	46

Paper trading. The model's figures from 25 Sep 2026, one trading day behind, as the Free plan shows them.

Open Sector Split in RingMaster The Sector Split guide

Price Chart

SAP closed at 209.31 on 28 Sep 2026.

Figure	Value
Last close	209.31
Change over 21 trading days	-5.4%
Change over 63 trading days	+35.1%
Change over 252 trading days	-20.3%
52 week high	281.37
52 week low	144.97
20 day moving average	211.88
50 day moving average	201.87
200 day moving average	194.20
RSI, 14 days	50

Worked out from the desk's own daily bars, adjusted for share splits.

From the daily bars through 28 Sep 2026. Current on every plan.

Open Price Chart in RingMaster The Price Chart guide

Earnings Radar

SAP reports next on 21 Oct 2026, a date confirmed by the company.

Figure	Value
Next report	21 Oct 2026, after the close
Date	Confirmed by the company
Move after the report of 23 Apr 2026	+7.4%
Move after the report of 21 Jan 2026	+0.6%
Move after the report of 22 Apr 2025	+7.6%
Move after the report of 28 Jan 2025	-0.7%

Earnings calendar as of 28 Sep 2026. Current on every plan.

Open Earnings Radar in RingMaster The Earnings Radar guide

Seasonality

In the 23 Septembers on record, SAP's average change was plus 0.3 percent, and it rose in 56.5 percent of them.

Month	Average change	Middle change	Share of years up	Years
September	+0.3%	+0.2%	56.5%	23
October	+1.1%	+2.2%	60.9%	23
November	+2.1%	+2.5%	60.9%	23

Each figure is a month end to month end change in past years. A past month says nothing certain about the next one.

Monthly history through 28 Sep 2026. Current on every plan.

Open Seasonality in RingMaster The Seasonality guide

Headlines

The desk's news feeds carried 4 headlines naming SAP in the 3 days to 28 Sep 2026.

Figure	Value
Headlines in the window	4
Latest	28 Sep 2026

The titles are in the Headlines window, with the time each was published.

Headlines as of 28 Sep 2026. Current on every plan.

Open Headlines in RingMaster The Headlines guide

Questions

What is SAP's IV rank?: SAP's IV rank is 100 of 100 on 28 Sep 2026.
What move are SAP options pricing?: On 28 Sep 2026, SAP options priced a move of 16.1 percent down and 16.3 percent up by 30 Oct 2026.
Where are SAP's call wall and put wall?: On 28 Sep 2026, SAP's call wall is the 220 strike and its put wall is the 210 strike.
What was the desk's latest view of SAP on the Free plan?: On 25 Sep 2026 the desk's view of SAP was bearish, paper trading.
When does SAP report earnings next?: SAP reports next on 21 Oct 2026, a date confirmed by the company.

More Information Technology names

Guides and the full list

Membership gets tonight's signals the night they publish. Free gets every options screen, never delayed, and the signals one trading day behind.

Start free See the plans